The RIGHT Way to Market an Innovation
Innovations Need Marketing that Matches their Innovative Characteristics
Peter Drucker said, “Because the purpose of business is to create a customer, the business enterprise has two, and only two, basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business”. DOWNLOAD a 2-page article on Innovation, and (if you like what you read), CONTACT us to help you create, launch and market innovative products.
If you want to adopt, and apply, proven, advanced, “white-hat” strategic management methods THAT WORK, or simply help your team find clarity for their decision-making; tap into the knowledge bank of proven marketing management know-how of corporations and business schools from around the world: Click this button to email, dial 02 8011 4355 to call, or fill out the webmail form, below.
Adjusting to Innovation
Business MUST embrace Innovation
But innovation comes in many forms. There are 8 principle innovative perspectives that Launch Engineering will bring into your organisation when you include us in your team. Each one of these 8 essential perspectives will inspire innovation that will add to the “muscle” of your business, your sales, your profitability and long-term competitive advantage.
Small businesses see a new product as formidable change. Medium sized businesses see a new brand as formidable. Large companies see divesting and new concepts as formidable.
Corporations like GE could have constrained itself to being in the light bulb business, but would never have evolved to become the largest corporation in the world, without innovative management thinking and a willingness to be innovative.
Successes, REAL successes adopt innovation. Coke, for example, grew radically when is changed its perspective of what business it saw itself in. GE used advanced strategic marketing analysis tools to recognise opportunity and threat. Apple, perhaps intuitively, perhaps well advised in marketing philosophy, re-thought its self imposed constraints and became the most valued brand in the world.
Innovation Marketing Strategy
Launch Engineering can help your organisation with the same methods & approaches used by successful companies, integrating innovation into the marketing process so product and service innovations meet the wants and demands of customers, you’ll develop innovative marketing strategies that:
- Recognise & Capitalise upon Customer Insights: Dynamically shifting your understanding of customer wants, needs, buying patterns and behaviours to develop product/service innovation that leaves competitors behind, trade partners dedicated & customers wanting more.
- Pre-empt Emerging Marketing Opportunities: Market research and customer intelligence focused upon future wants and needs to identify & capitalise on blue-ocean opportunities.
- Inspire Synergy between Innovation & Marketing Functions: Finding efficiencies and coordination in what might alternatively be disjointed activities.
You can’t launch & market innovation if you don’t understand the nature of Innovation
There are significant differences in what marketing strategies will work for different types of innovation.
- A Type I Innovation, a “Continuous Innovation”, must be marketing (have its price, distribution, promotions, product management, processes, people, and positioning) appropriate to the nuances of a Type 1 product.
- A Type II Innovation, a “Dynamically-Continuous Innovation”, one where fast and healthy profits can be reaped, is likely to stall, even fail, if marketed as a Type I product.
- A Type III Innovation, a “Discontinuous Innovation”, needs advanced marketing know-how, and insightful sales forecasting or its backer is likely to hit the wall in a BIG way… but PROPERLY managed, will dominate and deliver super-normal profits for an extended period.
Summarily, products that are “new to the world” cannot be marketed like products that are “this year’s model” – it doesn’t work! The difference between launch failure and a howling success can be is this foundational building block of your business plan… and too many great products have failed just because they were ‘positioned’ wrongly.
Tips When Looking for a Growth and Planning Business Consultant?